Game theory is necessary for understanding
a. all market structures.
b. competition and oligopoly, but it is not necessary for understanding monopoly.
c. monopoly and oligopoly, but it is not necessary for understanding competition.
d. oligopoly, but it is not necessary for understanding monopoly or competition.
d
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In the United States, the lifetime distribution of income is more equal than the annual distribution. This statement is:
A. true because the rich have gotten richer and the poor have gotten poorer. B. true because there is considerable income mobility over time. C. false because people tend to stay in the same income quintile over extended periods of time. D. false because the rich have gotten richer and the poor have gotten poorer.
Which is the most accurate statement?
A. Poverty can easily be wiped out by giving every adult on welfare a minimum wage job. B. The basic cause of poverty is that nearly all of the poor are lazy. C. Within a decade, poverty will no longer be a national problem. D. There is a hard core of millions of poor people who will need public assistance for many years to come.